In a pivotal address at the Critical Minerals Ministerial in Washington on February 4, India’s External Affairs Minister Dr. S. Jaishankar threw his weight behind structured international cooperation to mitigate risks in critical minerals supply chains. The statement comes as the United States urges allies to forge a coordinated trading framework amid growing global concerns over supply vulnerabilities.
Jaishankar highlighted the dangers of excessive concentration in global supply chains, emphasizing that coordinated efforts among nations are essential to build resilience. He showcased India’s proactive steps, including the National Critical Minerals Mission, rare earth corridors, and commitments to responsible commerce. India also expressed strong support for the ‘Forge’ initiative aimed at bolstering critical minerals security.
The remarks align with calls from US Vice President J.D. Vance, who rallied partner nations to reshape the global critical minerals market. Vance stressed that modern economies remain tethered to ‘real things,’ with these minerals now as vital as oil and gas. He warned of fragile supply chains confined to a few regions, leading to price volatility and stalled investments.
‘DNothing is more real than critical minerals,’ Vance declared, pointing to instances where sudden supply surges crashed prices, derailing mining and processing projects. Representing nearly two-thirds of global GDP, the participating countries hold the power to transform market dynamics. ‘We’re all on the same team,’ he affirmed.
Vance proposed a preferential trade zone for critical minerals among allies, shielded from external disruptions and anchored by reference prices at every production stage. These floors, enforced via adjustable tariffs, would prevent dumping and protect domestic producers. The goal: stabilize prices, spur private investment, enable long-term planning, and ensure availability during crises.
This emerging alliance signals a strategic shift, as democracies seek to counterbalance dominant suppliers and secure the raw materials powering electric vehicles, renewables, and defense technologies. Jaishankar’s endorsement underscores India’s role in this high-stakes geopolitical play.